Weekly Forex Market Followup (November 26th - November 30th 2012)

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Key Fundamental Forex Events for the Week of November 26th through November 30th

The following table lists the key economic data and other events that came out during the week of November 26th through November 30th, with release times displayed for the GMT time zone.

The list also indicates how much each release deviated from the market consensus forecast upon release, as well as what the affected major currency pair or pairs did after each event or set of events.

Monday, November 26th

  • All Day EUR Eurogroup Meetings: International Monetary Fund Managing Director Christine Lagarde said that, "I welcome the commitment by European partners to bring back Greece's debt to substantially below 110 percent of GDP by 2022, conditional on full implementation of the program by Greece. This represents a major debt reduction for Greece relative to its current debt trajectory. Once progress has been made on specifying and delivering on the commitments made today, in particular implementation of the debt buybacks, I would be in a position to recommend to the IMF Executive Board the completion of the first review of Greece's program." The currency rose.

Tuesday, November 27th

  • 10:30am GBP Revised GDP 1.0%, as expected. The currency fell.
  • 2:30pm USD Core Durable Goods Orders 1.5% versus -0.6% expected. The currency rose.
  • 4:00pm USD CB Consumer Confidence 73.7 versus 73.1 expected.

Wednesday, November 28th

  • 4:00pm USD New Home Sales 368K versus 387K expected. The currency fell.
  • 6:15pm CHF SNB Chairman Jordan said that, "At present, enforcement of the minimum exchange rate has the greatest influence in the management of the currency reserves. The task is to diversify a large foreign currency portfolio according to the criteria of liquidity, security and return. Even in these extreme circumstances, the SNB’s investment policy and process have proved resilient." The currency rose.

Thursday, November 29th

  • 1:00am NZD NBNZ Business Confidence 26.4 versus last 17.2 expected. The currency fell.
  • 1:30am AUD Private Capital Expenditure 2.8% versus 2.1% expected. The currency fell.
  • 11:15am EUR Italian 10-year Bond Auction average yield 4.45 percent versus last 4.92 percent, with a 1.18 bid to cover ratio versus last 1.43. The currency rose
  • 11:30am GBP BOE Governor King said that, "Since we met in the Summer, sentiment in financial markets has improved a little, supported by policy actions by a number of central banks. But the underlying picture for global growth remains weak and significant adjustments in both indebtedness and competitiveness are still required in the euro area." The currency rose.
  • 2:30pm USD Preliminary GDP 2.7% versus 2.8% expected. The currency fell.
  • 2:30pm USD Weekly Initial Jobless Claims 393K versus 404K expected.
  • 4:00pm USD Pending Home Sales 5.2% versus 0.9% expected.

Friday, November 30th

  • 2:30pm CAD GDP 0.0% versus 0.1% expected. The currency fell.

Saturday, December 1st

  • 2:00am CNY Manufacturing PMI 50.8 expected, data not yet released.

Technical Recap for the Majors This Week

EURUSD:

Forecast: Mildly Lower
Actual: Mildly higher from a 1.2973 open to a 1.3006 close.

USDJPY:

Forecast: Mildly Higher
Actual: Mildly higher from a 82.37 open to an 82.52 close.

GBPUSD:

Forecast: Mildly Higher
Actual: Mildly higher from a 1.6020 open to a 1.6025 close.

AUDUSD:

Forecast: Higher
Actual: Mildly lower from a 1.0458 open to a 1.0426 close.

USDCAD:

Forecast: Lower
Actual: Mildly higher from a 0.9926 open to a 0.9932 close.

NZDUSD:

Forecast: Higher
Actual: Mildly lower from a 0.8238 open to a 0.8196 close.

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